It's a combination of a lot of things.
The crowd reaction, the technical quality, what's at stake, the stipulation, where it takes place, etc.
Granted, not every great match as ALL of those, but they're all factors. You look at a match like Hogan vs. Andre and wrestling wise it wasn't good, but both of them were HUGELY over, and it was the main event of Wrestlemania. Now it's considered one of the greatest WWE matches of all time.
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